The relevance of this study is related to the growing importance of reasoning the recommendations for the development of a balanced debt policy in accordance with the real state of public debt and the implementation of efficient measures on public debt management given the growing risks of deteriorating debt security of national economies. This paper is aimed at studying the public debt management as an integral part of the system of country’s debt security ensuring, determining the current features and trends of public debt formation in Moldova and Ukraine and on this basis reasoning the recommendations towards public debt problems adjustment in the context of debt security. The study has been conducted using historical and logical methods, methods of generalization and abstraction, analysis and synthesis, a systematic approach. The comparison of the situation in the field of public and, in particular, external debt in Moldova and Ukraine is based on a comparative analysis of indicators that characterize the state of debt, the level of debt security and solvency of countries. Taking into consideration the state of indebtedness and the level of debt security of Moldovan and Ukrainian economies and based on the international experience of debt policy implementation and debt security ensuring, the prior measures for public debt management improving in both countries have been defined.